ADABTC breaks below prior session low


Cardano/BTC Index (ADABTC) Technical Analysis Report for Aug 11, 2018 [< 1 min read]
Highlights
ADABTC dominated by bears dragging the market lower throughout the day
ADABTC closes lower for the 2nd day in a row
ADABTC ends the day on a bearish note closing near the low of the day
ADABTC breaks below previous session low
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, ADABTC ended Saturday at 0.00001802 losing BTC0.00000062 (-3.33%) on low volume. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 0.00001831, the cryptocurrency confirms its breakout through the previous session's low having traded BTC0.00000037 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for ADABTC
Volatility

Saturday's trading range was BTC0.00000075 (4.01%), that's below last trading month's daily average range of BTC0.00000097. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being exactly the same as average.

Support/Resistance

Prices are trading close to a key support level at 0.00001760.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling might speed up should prices move below the nearby swing low at 0.00001751 where further sell stops could get activated. With prices trading close to this year's low at 0.00001671, downside momentum might accelerate should the market break out to new lows for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.

Market Conditions for Cardano/BTC Index
Condition Forecast Direction Win Avg Worst Best Events
Southern Doji TQ Pro Members Only
Doji TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Bullish Hikkake Pattern TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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